monetary purpose, is free ...However, it is subject to Reserve Bank of India regulations. There is no proposal to change this policy at present," the minister said.

India is the world's largest gold importer. In his Budget proposal, Finance Minister Pranab Mukherjee had doubled the basic customs duty on standard gold bars to four per cent and on non-standard gold to 10 per cent. He also imposed one per cent excise duty on unbranded jewellery.

Meanwhile, the strike by bullion traders and jewellers to protest the proposed increase in import duty on gold and imposition of excise duty on unbranded jewellery entered the 14th day.